“Apple Inc’s stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices,” Noel Randewich reports for Reuters.
“Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode could be a disaster for Samsung and a potential boon to Apple,” Randewich reports. “Apple’s stock was up $2.66 at $116.72 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5 percent.”
“Following the reports of fire in replacement devices, Verizon Communications Inc., AT&T Inc. and other wireless carriers suspended sales and exchanges of Note 7s. Best Buy Co Inc. will no longer sell the Note 7 and said customers could return their smartphones or exchange them for a different device,” Randewich reports. “‘We believe the Note 7’s ongoing issues could help market share shifts for Apple,’ Credit Suisse analyst Kulbinder Garcha said in a note to clients on Monday. He estimated that a 5 percent gain in high-end smartphone market share would increase Apple’s earnings per share by as much as 7 percent.”
Read more in the full article here.
MacDailyNews Take: It’s amazing that it took fires, property loss, and threat of injury and death for some people to consider that buying from thieves is a bad idea, but, of course, we have morals and also know who invented the modern smartphone.
Well, regardless of how we got here, karma does what karma does, thankfully!
SEE ALSO:
Beleaguered Samsung’s exploding phone cause may not just be about the battery – October 10, 2016
Beleaguered Samsung’s exploding Galaxy Note 7 has no future – October 10, 2016
Kentucky man suffers smoke inhalation injuries from exploding replacement Samsung phone – October 10, 2016
Fifth Samsung replacement Galaxy Note 7 explodes, catches fire – October 10, 2016
Beleaguered Samsung suspends production of fire-causing phones; carriers halt sales of Galaxy Note 7 – October 10, 2016
Beleaguered Samsung could face second damaging recall as U.S. probes burnt replacement Android phone – October 7, 2016
U.S. feds investigating replacement Samsung Galaxy Note 7 after fire on commercial jet plane – October 7, 2016
Computerworld reviews Apple’s iPhone 7 Plus: There’s never been a better time to switch to iPhone – October 7, 2016
Beleaguered Samsung using hazardous materials permit to transport potentially explosive Galaxy Note 7 returns – October 7, 2016
Beleaguered Samsung struggles to put out the fires caused by their exploding phones – October 6, 2016
Under no circumstances should you buy a Samsung Galaxy Note 7 – October 6, 2016
Samsung phone fire blamed in evacuation of Southwest flight; device was a replacement Galaxy Note 7 that had been powered down – October 5, 2016
52% of Chinese consumers shun exploding, fire-prone Samsung phones; 37% want to upgrade to Apple iPhone instead – October 3, 2016
Chinese state TV slams Samsung over exploding Galaxy phone recall discrimination – September 30, 2016
Exploding phone maker Samsung faces U.S. probe over ‘exploding washing machines’ – September 29, 2016
Samsung Galaxy S7 Edge phone sparks house fire in Ohio – September 29, 2016
U.S. regulators warn customers about exploding Samsung washing machines – September 28, 2016
More Samsung phone recall victims to switch to Apple’s iPhone than those who’ll risk another Samsung – September 28, 2016
Higher income U.S. states use Apple iPhones; lower income states use Samsung Galaxy phones – September 27, 2016
Samsung phone explodes, bursts into flame in China; more extensive safety recalls may be required – September 27, 2016
Beleaguered Samsung: 40% of potentially dangerous exploding phones still out there in U.S. and South Korea – September 27, 2016
Cramer: Apple has opportunity for enormous market share right now – September 27, 2016
Are Samsung’s Galaxy S7 Edge smartphones catching fire too? – September 26, 2016
Beleaguered Samsung’s replacement phones have battery problems, too – September 26, 2016
Samsung phone catches fire in mid-air aboard Singapore-Chennai IndiGo flight – September 23, 2016
Three Samsung phones erupt into fire in China, but no Chinese recall, yet – September 21, 2016
35% of those stuck with Samsung’s explosive Galaxy Note 7 want a refund, 26% want to upgrade to Apple’s iPhone 7 – September 20, 2016
Beleaguered Samsung has a ticking time bomb on its hands – September 19, 2016
Backfire: Beleaguered Samsung’s exploding phones triggered by rush to beat Apple’s iPhone 7 – September 19, 2016
Florida man sues beleaguered Samsung after phone explodes in pocket – September 17, 2016
U.S. Consumer Product Safety Commission issues formal recall of beleaguered Samsung’s exploding phones – September 15, 2016
Beleaguered Samsung phones unwelcome on NYC’s buses and trains – September 15, 2016
Samsung Galaxy Note 7 owners are ignoring the explosions, fires and safety warnings – September 15, 2016
Samsung Galaxy S7 phone explodes in teacher’s hands in the middle of busy cafe – September 14, 2016
Samsung phone blows up in car passenger seat, causes huge highway explosion – September 14, 2016
Beleaguered Samsung to issue desperate kludge in attempt to contain the exploding phone crisis – September 13, 2016
Man sues beleaguered Samsung after exploding Galaxy S7 Edge causes massive 3rd degree burns – September 13, 2016
Beleaguered Samsung phone explodes in little boy’s hands, 6-year-old suffers burns – September 12, 2016
Beleaguered Samsung sheds $26 billion in value after massive recall of explosive, dangerous, flawed Galaxy Note 7 – September 12, 2016
FAA warns airline passengers not to use Samsung phones – September 9, 2016
Beleaguered Samsung’s exploding Galaxy Note 7 destroys garage; home condemned due to fire – September 9, 2016
Beleaguered Samsung’s exploding Galaxy Note 7 destroys Florida man’s Jeep – September 8, 2016
Beleaguered Samsung’s exploding Galaxy Note 7 burns down garage; destroys Jeep in another case; airlines now banning potentially deadly device – September 8, 2016
Apple orders more parts for iPhone 7 amid Samsung recalls – September 6, 2016
Exploding Samsung Galaxy Note 7 damages Perth hotel room – September 6, 2016
Beleaguered Samsung blows it in rush to beat Apple iPhone 7 to market – September 6, 2016
Apple stock up, may benefit from beleaguered Samsung’s exploding Galaxy devices – September 2, 2016
Beleaguered Samsung to recall 2.5 million Galaxy Note 7 units over exploding batteries – September 2, 2016
Samsung may be forced to recall Galaxy Note 7 over exploding batteries – September 1, 2016
Samsung halts Galaxy Note 7 shipments due to battery explosions – August 31, 2016
Beleaguered is “beleaguered.”
Okay, MacDailyNews. It was genuinely funny and righteous when you started using the Anti-Apple analysts own words to describe Dell, Microsoft, Samsung and others, but after years of usage, it’s really old. And somewhat damaging to your portal’s journalistic integrity.
I’m sure I’m not the only person saying: “Okay, we GOT it. It was funny… 5-10 years ago, or whenever it began. But nothing is funny or even remotely poignant if repeated ad infinitum like an 11-year old boy stuck on a joke.”
Please let it go.
Can’t we just move on now that Apple has won the battle AND the war?
Much obliged.
I disagree. It is imminently satisfying and shall remain so for years to come for many reasons. Seeing as Apple is not yet number one in mobile phone market share or have “won the war” (except in making quality devices loved by millions worldwide) by that metric people seem to think matters, I think there’s plenty more room for the “beleaguered” status of others to go.
Gawd, really? [sigh] And that won the battle and the war just doesn’t mean anything?
And silly me thinking this would be a point of great agreement…
Well knowing how particularly vicious the other side is and less than magnanimous in the face of any Apple missteps please excuse our moments of grateful gratifying glory and taking no prisoners. You can imagine if this flaming shoe was on the Apple foot and the resulting gloating from the Apple Haters, not to mention press field day. SamSplode can’t get ENOUGH bad press on this. Whatever they’re getting pales to the kind of negative coverage Apple would get. I think we may come to agreement on this the day our two main political parties come to agreement, or at least work together. (Meaning never.)
I get it. I totally get it. No, really. I do. I get it.
I agree with everything except this sense that this is “a moment.” The power of this fantastic, karmic phase died a long time ago. It’s meaningless now and I think takes away from the legitimate success of Apple and all of the years we held on waiting for the Second Coming of Jobs.
I get it. I drank the Kool-Aid. I agree. I just think it sounds juvenile to keep pounding away on a very old joke. It sounds defensive, even a tad insecure now, you know? The lady doth protest too much, methinks?
I may be mistaken, but I think MacDailyNews would like to be taken more seriously as they age and grow into their success. They can still be biting. I hope they’ll continue to be biting. I’m just looking forward to their presentation of the information coming of age. I like it when Steve Jacks writes something prescient and I appreciate that it’s a place for those who follow Apple can gather information.
I’m just ready for MDM to move on and stop telling everyone “I told you so! Nyah, nyah, nyah…!”
Judging from the votes on my opinion, I appear to be in the minority. At this rate, however, my guess is that the taunting will remain beleaguered.
[sigh]
Juvenile? I don’t there’s an adult on the planet not harboring a couple dozen grudges about something or other. Not every less than civil feeling needs to be tied to being juvenile. (I guess wars are the ultimate juvenile activity in your book.) You speak of the ideal but the problem is life ISN’T ideal. Try and get harsh Fandroid on their own sites to behave – impossible.
Actually I get a big kick out of MDN usually. There aren’t any other Mac sites like it. Being a dry cookie cutter humorless site will only get you a dead site and low numbers and MDN knows that so he differentiates. I like the iconoclastic & subversive attitude here. I think you can do both. Just take away from it what you will. Different strokes.
Yes, the beleaguered payback will be long, satisfying and fruitful. Heh.
Yeah, I wish there was a better word, but the shoe kinda fits. It’s all-or-nothing here as that last comment of mine has 15 1-star votes and yours has 12 5 star votes. Life is more nuanced than that.
But you’re probably right about the rabid fan site thing. I forget that for some, Apple is holy. When you earn your living in that religion, you realize the limitations of that belief system. I don’t know what I was thinking, but I always fall prey to the “family” metaphor. Hey, we’re all in the same family so we should be able to say, “Dad looks dumb when he’s drunk.”
No, wars are not necessarily “juvenile” in my book. If we declared them saying, “Russia, you suck big $%#@! We make boom boom,” then yesssss…. Prawly 😉
It’s the language, not the feeling, that I find tired and immature. So, shoot me for saying so…
It’s not what you think or feel, it’s how you act on those thoughts and feelings that people will remember.
Anyway, moot point as I’m sure my reply will net more 1-star rankings. I appreciate your elucidations though.
Well as you should know it was also over-used by the media (and other people/companies) against Apple for a quite a few years so I reckon we got another couple years to go at least for payback. Are we proud of that? No but it does give us a good giggle and reminds us that Apple did overcome. They still have other things to improve on but that’s par for the course in technology. New Macs for example!
Yep, you are absolutely correct. I’ve worked Apple tech for a solid 20+ years and I hated it when they did that too.
It would be interesting to note when MDN started using it. It feels like 5-10 years or so, but I have no way of knowing when their first headline hit.
As you can tell from our star ratings, Mom always loved you best. 😉
MDN has applied the “beleaguered” label to one company after another as each one floundered. It’s now Samsung’s turn in the barrel. MDN won’t drop the gag until every last jackal has bitten the dust.
MDN has its peccadillos, some more objectionable than others: blood on the screen; thermonuclear bomb; Marissa cheesecake; Microsoft’s iPhone funeral; Amateur hour is over; Apple worth 7x, 10x, 13x Dell; etc. etc. — and the repetition does become tiresome, like playground taunts.
However, the “beleaguered” label speaks to an overpowering human conviction:— frowning at unfairness, rooting for the underdog, waiting for the moment of comeuppance, celebrating business karma each time it manifests. Revenge is amongst the oldest, and most satisfying, of all human instincts.
Despite the shades of over-used humor/Schadenfreude, as long as “beleaguered” is used to refer to a company on a downswing, its a perfectly reasonable word to use.
Samsung is getting squeezed at the high end by Apple, at the low end by many Android companies, and in the gut end by themselves. “Beleaguered” is accurate.
The question I have, as Samsung flails, will Apple’s smartphone profits edge from 90% to over 100% of industry net profit (profits-losses)? That would be legendary.
Amusing that AAPL is reaching new (recent) highs due to Samsung design flaws. (All-time high would be around $130.)
I doubt there was anything Apple had done to have a share price jump today. Why? Because Alphabet’s share price went up approximately the same percentage as Apple’s share price. There were probably some investors who simply found it was a convenient day to buy both Apple and Alphabet. Apple isn’t going anywhere without Alphabet and Amazon going up even higher. Wall Street has already decided Alphabet and Amazon are better investments than Apple and that’s going to leave Apple shareholders holding the shortest stick.
Apple’s stock performance has absolutely nothing to do with the Galaxy Note 7. It wouldn’t matter even if Note 7 production was completely stopped. It’s doesn’t put any more revenue on Apple’s plate or make investors feel more secure about Apple’s future prospects.
On a day to day basis, I agree nobody can sensibly assign causes to stock market moves. Moves happen every day, often for unknown reasons and without news.
But in the long run, a large hit to the reputation of the only significantly profitable vendor of competitive high-end phones is going to help Apple’s position.
Whether it helps Apple for a short period, or a long one, depends on how Samsung’s leadership adapts to the political turmoil that must be going on there now. Sometimes things like this make a company stronger. Often, individual leaders act in their own interests to shift blame and the company as a whole suffers even more from that than the initial problem.
I just received a CNN notification saying Samsung is telling ALL Note 7 customers to turn the phone off NOW! because it might spontaneously catch on fire.
Beware hubris.
But what will Michael Um say?